As a business owner seeking financing, you have no shortage of options to choose from. Fundera and Lendio both offer an easy application process, but Lendio boasts higher approval rates with a wider array of providers. Consider your unique credit profile and the requirements below before deciding.
Fundera vs. Lendio: A quick comparison
Fundera | Lendio | |
---|---|---|
|
| |
Finder rating | ★★★★★ | ★★★★★ |
Loan products offered |
|
|
Interest rates | Varies based on lenders | Varies by lender |
Fees | No fees for applying | No fees for applying |
Loan amounts | Up to $5 million | $1,000 to $10,000,000 |
Turnaround time |
|
|
Eligibility requirements |
|
|
Ratings |
|
|
State availability | Available in all states | Available in all states |
Pros |
|
|
Cons |
|
|
Fundera vs. Lendio: Which one’s better?
Both Fundera and Lendio are highly reputable lending marketplaces with a similar suite of loan products offered, as well as quick funding time. However, Lendio may be a stronger contender for borrowers looking for a wider selection of options with its network of 75+ lenders. And, if you think you may have difficulty qualifying for a business loan, Lendio’s wider network could offer a better chance of finding a lender willing to work with you.
When to consider Fundera
Fundera is a good choice for borrowers who want:
- Revenue flexibility. Fundera’s application requires you to take only the average of the last few months of revenue.
- Helpful resources. Fundera’s website breaks down loans best suited for women-owned businesses, those with bad credit and more.
When to consider Lendio
Lendio may be the best option for borrowers who need:
- More options. Lendio’s platform has more than 75 lenders on offer.
- Larger track record. Lendio has approved $10 billion in loans versus Fundera’s $2.5 billion.
- No set business lifespan requirement. You do not have to be in business for years before applying for a small business loan with Lendio’s partners. However, most loans require at least 6 months in business.
The similarities
Fundera and Lendio are similar in that they allow borrowers to compare SBA loans, equipment loans, lines of credit and startup loans, among many others, to help customers make a well-informed decision.
Both lenders are highly rated by the Better Business Bureau as well as by consumers on Trustpilot. For borrowers who seek extra support during the application process, both platforms offer staff to guide consumers to the right products based on their business needs. They each also offer quick turnaround times for funding.
Compare other business loans
Compare up to four lenders side-by-side to see how they stack up.
Alternatives to Fundera and Lendio
Here are three alternative products similar to both Fundera and Lendio.
- Businessloans.com: If you have a low credit score, you’ll have more luck at Businessloans.com, as this site has no major credit requirements.
- Biz2Credit: With Biz2Credit you can get a fast turnaround on loans up to $6 million.
- Sunwise Capital: This lender has a low revenue and credit score requirements.
See how other lenders stack up
- OnDeck vs. Prosper
- LoanBuilder vs. OnDeck
- Bluevine vs. Fundbox
- OnDeck vs. American Express Line of Credit
- Fundbox vs. American Express Line of Credit
More guides on Finder
-
Medical Practice Loans: 8 Types to Consider
Compare top business financing options to fund a medical practice.
-
Best Loans to Start, Buy or Expand a Dental Practice
How to choose the best dental practice loan for your business and the different loan types to consider.
-
6 Best Startup Business Loans with Easy Approval
Consider startup business loans with easy approval, including equipment loans, invoice factoring, crowdfunding and merchant cash advances.
-
Fundbox Review: Fast, Easy but Costly Line of Credit
Get access to an ongoing line of credit to finance invoices and business expenses. No paperwork required and no personal credit check.
-
How to Get a Loan for a Home-Based Business
A guide to home-based business loans and the requirements needed to qualify.
-
Is a small business loan installment or revolving?
Explore the difference between installment and revolving small business loans.
-
10 Best No-Doc Business Loans of October 2024
Compare the best ten lenders that offer no-document or low-doc loans.
-
1West Finance Review: High Ratings, High Rates
Get multiple offers from this highly rated service, but watch out for strict repayment terms.
-
8 alternatives to Fundbox lines of credit
Six other lenders that offer credit lines and invoice financing — and might be better for your business.
-
United Capital Source Review: Legit Business Lending
A business financing provider that serves most credit types and industries.
Ask a question